As HSAs become an increasingly appealing solution for employers looking to control healthcare costs, HSA On Demand brings HSA administration to a new level, adding even more flexibility and value to these accounts.
Hunt Valley, MD (PRWEB) May 07, 2013
ConnectYourCare, one of the nation’s leading providers of consumer-directed healthcare (CDH) account solutions, has launched HSA On Demand, a product that can help accelerate growth in consumer-driven healthcare and lower benefit costs by driving employee adoption of Health Savings Accounts (HSAs) and their corresponding High Deductible Health Plans (HDHPs).
ConnectYourCare’s innovative HSA On Demand solution instantly moves future contributions into an employee’s HSA when a claim exceeds the account balance, seamlessly paying the claim with no additional action required or fees charged to the employee. Similar to overdraft protection on a checking account, HSA On Demand ensures employees are covered when funds are needed most – at the time a qualified medical expense is incurred.
“As HSAs become an increasingly appealing solution for employers looking to control healthcare costs, HSA On Demand brings HSA administration to a new level, adding even more flexibility and value to these accounts,” said ConnectYourCare CEO Jamie Spriggs. “We firmly believe that HSAs are the most consumer-friendly way to pay for healthcare, and our HSA On Demand offering gives employees even more power over how they access HSA contributions and manage their healthcare needs using a simple, secure platform.”
ConnectYourCare’s HSA On Demand solution enables participants to access their full year’s HSA contribution at any time of year to pay for a qualified medical expense, driving employee adoption in these plan designs. Increased employee adoption in turn makes it easier than ever for organizations to adopt HSAs as part of a comprehensive, consumer-focused benefits strategy.
Automatic advancement of funds into the HSA can be triggered through any of ConnectYourCare’s convenient payment options, including healthcare payment card (debit card) swipes, manually submitted claims and web-based Click-to-Pay claims from employers’ health plan(s). Advanced funds are automatically paid back to the employer through the employee’s future payroll contributions.
ConnectYourCare's consumer-directed healthcare benefit delivery platform provides a fast path to transition to account-based health plans, enabling firms to lower health benefit costs while empowering consumers with the tools they need to better manage health savings. The platform of choice for large employers, health plans, and banks, ConnectYourCare offers a fresh, simplified approach to health savings by combining modern technology and a unique stewardship model to accelerate savings and consumer engagement. By removing complexity and motivating individuals to take control of health savings, ConnectYourCare maximizes return on investment for all participants in the healthcare benefits value chain and enables everyone to simplify, save and grow.